Bitcoin Balance Sheet #042

Hello and welcome to Bitcoin Balance Sheet, the twice weekly email from Bitcoin Treasuries, where we track the latest in corporate Bitcoin buying.

Each Monday, you'll receive a quick blast on the top buyers over the last week. We'll follow that up every Friday with digest and analysis. Enjoy!

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In the past seven days, nine public companies added to their Bitcoin holdings.

The top 100 now jointly hold 1,085,082 BTC, worth roughly $97 billion at press time.

Below, we break down the five most aggressive buyers this week — along with how their moves impact the leaderboard.

Top 5 Bitcoin Buys This Week

#1 — CIMG Inc (IMG) 🇭🇰

• BTC added: 230 BTC

• Estimated value: ~$20.7 million

• New total holdings: 730 BTC

• Funding source: Internal sources of capital

• Current Ranking: #60 globally

• % of total supply: ~0.003%

• Market cap: $19 million (Basic)

• Enterprise value: $20 million

• mNAV: 0.293x (Basic)

CIMG Inc added 230 BTC this week, pushing holdings to 730 BTC valued at $65.77 million and maintaining #60 globally. The Hong Kong-based digital health and sales development company made its first Bitcoin treasury purchase on September 2, 2025, and now executes its largest single-week addition since entering the sector.

The 46% weekly increase represents extraordinary growth velocity for a company whose market cap ($19 million) trades at just 29% of its Bitcoin holdings value — a 71% discount to NAV that positions CIMG as one of the most severely undervalued treasuries globally.

Investors have a staggering arbitrage opportunity if they purchase CIMG stock. The 0.29x mNAV means they can buy $1 of Bitcoin for $0.29 by purchasing CIMG stock rather than spot Bitcoin. This extreme discount suggests either complete market disbelief in management's treasury commitment, expectations of forced Bitcoin liquidation, or structural issues with the Hong Kong listing that prevent efficient price discovery.

Track extreme mNAV discounts on our live dashboard: identify companies trading below 0.30x NAV and monitor whether discounts compress or deepen week-over-week.

#2 — Cango Inc (CANG) 🇨🇳

• BTC added: 126 BTC

• Estimated value: ~$11.3 million

• New total holdings: 7,290 BTC

• Funding source: Mining operations

• Current Ranking: #16 globally

• % of total supply: ~0.035%

• Market cap: $267 million

• Enterprise value: $1 billion

• mNAV: 0.406x (Basic)

Cango mined 126 BTC this week, pushing holdings to 7,290 BTC valued at $656 million and maintaining #16 globally. The Chinese automotive services platform continues its ninth consecutive week of top-five appearances, demonstrating the sector’s most reliable mid-tier accumulation through mining operations that bypass capital markets entirely.

The 0.4x basic mNAV — a 59.4% discount to Bitcoin NAV — improved from last week's 0.34x, compressing the discount by 6.2 percentage points as the stock outperformed Bitcoin's weekly gains. This relative strength suggests either renewed investor interest in China-listed treasuries, technical buying after extreme oversold conditions, or market recognition that Cango's mining-based model provides reliable accumulation regardless of capital markets conditions.

The 126 BTC weekly addition through mining represents approximately 18 BTC daily production, positioning Cango as a mid-scale mining operation with reliable output regardless of market conditions. Indeed, the firm’s consistent weekly appearances in the top-five weekly buyers proves mining’ s structural advantage during periods when capital markets tighten and equity-dependent treasuries pause accumulation.

Track mining-based treasury accumulation consistency on our live dashboard: compare operational production vs. capital-markets-funded purchases across market cycles.

#3 — American Bitcoin Corp (ABTC) 🇺🇸

• BTC added: 54 BTC

• Estimated value: ~$4.9 million

• New total holdings: 5,098 BTC

• Funding source: Self-mining and targeted purchases

• Current Ranking: #20 globally

• % of total supply: ~0.024%

• Market cap: $2 billion (Basic)

• Enterprise value: $2 billion

• mNAV: 3.567x (Basic)

American Bitcoin Corp added 54 BTC, pushing holdings to 5,098 BTC valued at $459.49 million while maintaining #20 globally. The 1.1% weekly increase represents continued accumulation following last week’s aggressive 677 BTC purchase (two transactions totaling 261 + 416 BTC), though this week’s modest 54 BTC addition suggests either a tactical pause after deploying substantial capital or the company has limited available funding following the prior week’s deployment.

The sustained 3.5x basic mNAV remains significant — investors continue paying $3.57 for every $1 of Bitcoin NAV despite sector-wide mNAV compression crushing most treasuries below 1.0x. With a $2 billion market cap against $459 million in Bitcoin holdings, markets assign $1.5 billion in value beyond the treasury, which either reflects operational business value, expectations of future accumulation creating premium expansion, or speculative momentum that’s disconnected from the company’s fundamental Bitcoin holdings.

The deceleration from last week's 677 BTC to this week's 54 BTC — a 92% reduction in accumulation pace — could signal several dynamics. For one, last week’s large purchase deployed available capital from a completed raise, requiring time to access additional funding. Another is that management exercises tactical patience, waiting for Bitcoin to decline further before deploying remaining capital, or the extreme 3.5x mNAV makes equity issuance extraordinarily accretive ($3.57 raised per $1 Bitcoin NAV), but the company lacks immediate Bitcoin purchase targets at favorable prices.

Track mid-tier treasury purchase patterns on our live dashboard: identify which companies accumulate consistently vs. deploy capital in large irregular batches.

#4 — Vanadi Coffee 🇪🇸

• BTC added: 32 BTC

• Estimated value: ~$2.9 million

• New total holdings: 161 BTC

• Funding source: Corporate treasury

• Current Ranking: #92 globally

• % of total supply: ~0.0008%

Vanadi Coffee added 32 BTC, pushing holdings to 161 BTC valued at $14.5 million since making its first Bitcoin treasury purchase on May 22, 2025. The Spanish publicly listed company on the BME Growth market operates in the restaurant sector and recently adopted a "“hybrid model that combines its traditional business activity with an innovative treasury management strategy based on the accumulation of Bitcoin as a reserve asset.”

What makes Vanadi notable is the complete absence of market cap and mNAV data—suggesting either extremely illiquid BME Growth market trading that prevents reliable price discovery, recent listing that hasn't established trading history, or data gaps in tracking Spanish small-cap treasuries. Without market valuation metrics, investors cannot assess whether Vanadi trades at premium or discount to Bitcoin NAV, making it impossible to evaluate the stock as Bitcoin proxy.

Still, the company's continued accumulation (32 BTC this week after entering at 129 BTC total holdings previously) demonstrates commitment to the treasury strategy despite operating in a relatively obscure European market.

The 161 BTC total holdings position Vanadi as a micro-scale treasury (#92 globally) pursuing the model at restaurant-business scale rather than enterprise level. The hybrid approach — maintaining restaurant operations while building Bitcoin reserves — tests whether small-cap operational businesses can successfully adopt treasury strategies, or whether the model works only for larger companies with access to institutional capital markets.

Track emerging European treasury companies on our live dashboard: monitor which BME Growth and small European markets adopt Bitcoin strategies.

#5 — Anap Holdings Inc 🇯🇵

• BTC added: 18 BTC

• Estimated value: ~$1.6 million

• New total holdings: 1,219 BTC

• Funding source: Corporate treasury

• Current Ranking: #45 globally

• % of total supply: ~0.006%

• Market cap: $63 million (Basic)

• Enterprise value: $107 million

• mNAV: 0.573x (Basic)

Anap Holdings added 18 BTC, pushing holdings to 1,219 BTC valued at nearly $110 million while maintaining #45 globally. The Japanese fashion retail company operates physical stores and online platforms offering apparel and accessories, and made its first Bitcoin treasury purchase on April 15, 2025.

The 1.5% weekly increase represents modest continued accumulation for a company whose stock trades at 0.57x basic mNAV — a 43% discount to Bitcoin NAV — despite holding 1,219 BTC worth nearly double its $63 million market cap.

Indeed, the 0.57x basic mNAV positions Anap among Japanese treasuries trading at significant discounts, contrasting with Metaplanet’s historical premiums (though Metaplanet recently compressed toward 1.0x). The $96,484 average cost basis creates -6.49% unrealized losses at current Bitcoin prices, explaining some market skepticism.

Track Japanese treasury performance on our live dashboard: compare Metaplanet's established model vs. newer entrants like Anap facing mNAV compression.

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Hemisphere develops open-source solutions designed to help treasury teams securely manage, deploy, and optimize their BTC holdings, withe benefits of self-custody and Bitcoin native deployment.

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Leaderboard Snapshot

CIMG's 230 BTC purchase — the largest this week — demonstrates that even severely distressed treasuries trading at 0.293x mNAV (71% discount) continue deploying capital, either signaling extreme conviction or access to non-dilutive funding sources.

The concentration shifts slightly, especially in the absence of Strategy. While Michael Saylor’s firm typically represents 85-90% of weekly buying, this week's top-five contributed approximately 3.3% of Strategy's typical weekly pace. Meanwhile, the mNAV spectrum remains extraordinarily wide. American Bitcoin trades at 3.567x (257% premium) while CIMG languishes at 0.293x (71% discount)—a 12.2x valuation spread suggesting markets apply completely inconsistent frameworks to treasury companies.

Track the complete global Bitcoin treasury leaderboard on our live dashboard: monitor real-time ranking changes, mNAV spreads, and accumulation patterns across 100+ companies.

Key Takeaways

• Extreme mNAV discounts create theoretical arbitrage but execution remains impossible: CIMG at 0.293x and Cango at 0.406x offer Bitcoin at 71% and 59% discounts respectively, yet both continue trading at brutal valuations despite adding 230 BTC and 126 BTC this week. Markets either expect forced Bitcoin liquidation, assign zero value to operational businesses, or face structural barriers (China/Hong Kong listings, illiquidity) preventing arbitrage closure.

• Mining-based accumulation proves most reliable during capital markets stress: Cango's ninth consecutive top-five appearance through operational Bitcoin production demonstrates that mining treasuries maintain steady accumulation regardless of mNAV compression, investor sentiment, or equity market conditions. Companies combining mining operations with spot-buying capacity may prove most durable through complete market cycles.

• Geographic and market-structure diversity reveals data quality challenges: Vanadi Coffee's complete absence of market cap/mNAV data despite 161 BTC holdings demonstrates that tracking European small-cap treasuries requires different methodologies than monitoring U.S. Nasdaq-listed companies. As the treasury model globalizes beyond U.S. and Japan into Spain, Hong Kong, and other markets, investors face increasing difficulty obtaining reliable valuation data, trading volumes, and capital structure information.

Special thanks to our partners:

• AnchorWatch. AnchorWatch makes Bitcoin ownership safer and easier by combining advanced custody expertise with industry-grade insurance. As a Lloyd’s of London Coverholder, it writers specialized policies that address digital-asset risks, giving clients trusted coverage and peace of mind. Learn more: AnchorWatch

• Arch Lending. Get instant, secure loans backed by your Bitcoin, Ethereum, or Solana—no need to sell your assets. Arch Lending offers fast approvals and trusted custody for both individuals and institutions. Learn more: Arch Lending

• Cadena Bitcoin. A p2p bitcoin lending marketplace with a unique emphasis on working with treasury firms and businesses, as well as the savvy bitcoin-native investors who visit our website. Learn more: Cadena Bitcoin

• Coinkite. Coinkite is a leader in security and hardware manufacturer and the maker of some of the most iconic Bitcoin products, such as OPENDIME, COLDCARD, BLOCKCLOCK, SATSCARD, TAPSIGNER and SATSCHIP. Learn more: Coinkite

• Cryptio. Cryptio is an enterprise-grade accounting software platform built specifically for digital assets and cryptocurrencies. It enables businesses to transform blockchain transaction data from multiple exchanges and custodians into auditable financial records, supporting compliance with GAAP and IFRS standards. Learn more: Cryptio

• The Hemisphere Foundation. Hemisphere develops open-source solutions designed to help treasury teams securely manage, deploy, and optimize their BTC holdings, withe benefits of self-custody and Bitcoin native deployment. Learn more: The Hemisphere Foundation

• Orange Wheel Advisors. Orange Wheel Advisors is a strategic consulting firm that helps companies navigate Bitcoin’s impact on corporate finance and competitive strategy. With expertise spanning treasury management, payments, capital structure, mining, and investor communications, they provide executive education, tailored strategies, and execution support to guide businesses through the global monetary transition. Learn more: Orange Wheel Advisors

• o21 Solutions. o21 develops and implements Bitcoin-powered corporate strategy, transforming value chains with strategic expertise and tailored advisory services, with a focus on both Treasury and Operations - balance sheet accumulation, mining, and payments. Reduce cycle time through the corporate Bitcoin adoption journey through our pre-packaged or tailored engagements. Learn more: o21 Solutions

• Psalion. Psalion is a Bitcoin and digital-asset yield manager that offers institutional‑style investment strategies to professional investors, family offices, corporates, and private clients via separately managed accounts and yield funds. Learn more: Psalion

• Secure Digital Markets (SDM) provides unparalleled liquidity, execution speed, and bespoke customer service, making it the top choice for institutional investors seeking reliable digital asset trading solutions. With deep expertise in capital markets and strict regulatory standards, SDM stands out as the premier platform for all digital asset treasury teams looking to optimize their trading and treasury operations. Learn more: Secure Digital Markets (SDM)

• Stacking Sats Inc. Official IT partner at BitcoinTreasuries, Stacking Sats Inc via its subsidiary, Framework IT, is a managed IT services firm with a 17-year track record of providing bet-in-class IT support, strategy, and cybersecurity, boasting high recurring revenue and long-term client contracts. It’s also one of the top 20 holders of Bitcoin among global private companies. Learn more: Stacking Sats Inc

• XCE. A executive recruitment group that combines a profitable recruitment business with a Bitcoin treasury strategy. The company turns over a decade of executive recruitment experience and four years of Bitcoin accumulation into a public Bitcoin‑powered growth engine, using a proven operating business to drive Bitcoin treasury accumulation. Learn more: XCE

• Zaprite. Zaprite is a non-custodial payment platform that allows individuals and businesses to seamlessly accept both bitcoin (on-chain and lightning) and fiat payments in a unified, customizable checkout experience. Users can easily issue invoices, generate payment links, and connect multiple wallets or custodial accounts, all while handling their own funds directly. Learn more: Zaprite

Over To You: What Do You Track?

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